Small units pay off at two new condo launches

[reporter2]

http://www.straitstimes.com/business...condo-launches

Small units pay off at two new condo launches

Nov 3, 2015

Principal Garden and Thomson Impressions both sold about six in 10 units launched over the weekend

Rennie Whang


Sales at two condominiums launched over the weekend were largely within expectations, given the quiet market.

About 120 of the 200 units released at the 663-unit Principal Garden in Prince Charles Crescent were sold at an average price of just above $1,600 per sq ft (psf).

There was a similar strike rate at the 288-unit Thomson Impressions in Lorong Puntong off Sin Ming Avenue, where 87 of 150 homes launched went for an average price of $1,393 psf.

"Both properties are in good locations and have price points significantly above $1,000 psf. Taking that into account, the early results are expected and encouraging," said Mr Lee Liat Yeang, real estate partner at Rodyk & Davidson.

Both developers have concentrated on smaller units for a more palatable quantum to appeal to more buyers, he added.

More than 70 per cent of the units at Principal Garden are one- and two-bedders, sized from 484 sq to 807 sq ft.

The project has one- to five-bedroom units of up to 2,347 sq ft. Apartment prices start from $770,000 for a one-bedder, $1.18 million for a two-bedder and $1.7 million for a three-bedroom unit.

Mr Anthony Wong, general manager of marketing at UOL, noted "equal interest from both investors and owner occupiers."

"Given the strong response, we will be releasing another 80 units, especially the three-bedroom stacks this week," he said.

The project is a joint development by UOL Group and Kheng Leong.

Singaporeans formed about 85 per cent of buyers at both projects, where two-bedders attracted the most interest.

About 60 per cent of units at Thomson Impressions are one- or two-bedders.

Apartments are sized at 463 sq ft for a one-bedroom, 732 to 764 sq ft for a two-bedroom and up to about 2,120 sq ft for a four-bedroom penthouse with study.

The project also has five strata- landed houses.

Overall prices for the apartments are from $670,000. Prices for the penthouses and houses start at $2.75 million.

Rental yield could be decent at these prices, said Mr Ku Swee Yong, Century 21 chief executive.

The expected monthly rent for a one-bedder in the Prince Charles Crescent area could be about $3,000, which translates to a rental yield of above 4 per cent, given the starting price of a one-bedder at Principal Garden.

[reporter2]

http://www.businesstimes.com.sg/real...notch-60-sales

Two condos launched over weekend notch 60% sales

Principal Garden marketed at above S$1,600 psf; Thomson Impressions at about S$1,400 psf

By Claire Huang

[email protected]

@ClaireHuangBT

Nov 2, 2015


ABOUT 60 per cent of units launched over the first weekend of two properties - Principal Garden and Thomson Impressions - have been taken up.

Developers UOL Group Ltd and Kheng Leong Company sold 60 per cent of the 200 units marketed at their Principal Garden condominium, a 663-unit development at Prince Charles Crescent, as at 4pm on Sunday.

The units were released on the first weekend at an average price of above S$1,600 per square foot (psf).

Anthony Wong, general manager of marketing at UOL said there was interest across all unit types.

"Out of the nine penthouses, five were snapped up. In view of the strong interest, we will be releasing another 80 units, especially the three-bedroom stacks in the coming week to make up to 280 units for our initial launch."

The typical one to three-bedroom apartments range from 484 sq ft to 1,195 sq ft, while its Garden and Principal Collection units, which are three to five-bedroom apartments with private lifts, range from 1,238 sq ft to 2,347 sq ft.

The prices for apartments start from S$770,000 for a one-bedroom unit, S$1.18 million for a two-bedroom unit, and S$1.7 million for a three-bedroom unit.

Principal Garden's four 24-storey apartment blocks are right next to the Alexandra Park Connector that extends towards the Singapore River and the Central Business District (CDB).

"Given the good location next to a Good Class Bungalow area and strong product design, buyers see Principal Garden as a high-end development which is reasonably priced. Fifteen per cent of the buyers are foreigners. We believe there is an even spread between investors and owner occupiers," added Mr Wong.

The 99-year leasehold development is a short drive to Orchard Road, Great World City and Singapore Botanic Gardens.

Principal Garden is a 70-30 joint venture between UOL and Kheng Leong, and designed by award-winning Architects 61.

Meanwhile, 58 per cent of 150 units at the first launch of Thomson Impressions were taken up over the weekend.

The 288-unit condominium project is located at Lorong Puntong and most of the units sold were the larger units, with two-bedroom units being the most popular among buyers, followed by the three-bedroom units.

The project, developed by Nanshan Group together with Vico Construction Pte Ltd, achieved an average of S$1,393 psf.

Zuo Haibin, director of NS Property (Thomson) Pte Ltd said: "Given its ideal location, Thomson Impressions has appealed to both owner occupiers and investors alike. We are seeing a trend of the bigger units being more popular during the initial launch but the smaller units are also starting to gain traction after the balloting exercise."

Mr Zuo owns Vico Construction and NS Property (Thomson) is the joint venture's special purpose vehicle.